Problem: Let $P=  \left( 1 - \frac{1}{2} \right) \left( 1 - \frac{1}{3} \right) \left( 1 - \frac{1}{4} \right) \dotsm \left( 1 - \frac{1}{n} \right)$. What is the value of $P$ if $n=2007$? Express your answer as a common fraction.
Explanation: Simplifying each term in $P,$ \[P=\left( \frac{1}{2} \right) \left( \frac{2}{3} \right) \left( \frac{3}{4} \right) \dotsm \left( \frac{n-1}{n} \right) . \]The denominator of each fraction cancels with the numerator of the next fraction, so $P=\frac{1}{n}.$ When $n=2007,$ $P=\boxed{\frac{1}{2007}}.$